CAIRO – Egyptian Finance Minister Mohamed Maeet said Tuesday that the Public Treasury had, over 30 months, repaid 420.5 billion pounds to the National Authority for Social Insurance as per an agreement to resolve financial entanglements signed with the Social Solidarity Ministry three years ago.
The deal had been sealed with the aim to pay accumulated dues owed to social funds over a period of 50 years.
The agreement had clearly stressed the necessity of securing financial liquidity to serve pensioners and their beneficiaries, as well as persons covered by insurance.
The Finance Ministry is acting to continue paying all overdue debts to the National Authority for Social Insurance, Maeet said in a statement Tuesday.
He said that another 180 billion pounds have been allocated for paying some of the debt this year, adding a total of 510.5 billion pounds would be repaid to the authority by June 2022.
The Public Treasury should pay some 45 trillion pounds back to the National Authority for Social Insurance over a period of 50 years that started in 2019, when the agreement to resolve financial entanglements was signed, the minister made it clear.
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